Wednesday, 12th July 2006 (3217 views)

A National Development and Reform Commission (NDRC) report has suggested that China's gold industry will reveal a year-on-year rise in profits of 59 per cent for the first half of 2006.

The gold market has been booming in the past six months, with prices climbing from $530 an ounce at the turn of the year to over $730 an ounce in May.

The price has dropped back slightly of late but is still higher than on 1st January and these surges have contributed significantly to the positive Chinese results.

Profits of 2.5 billion yuan ($313 million) reflect the rising levels of gold production in the world's most populous country, which are also up by 12 per cent, to 110 tonnes, over the same period last year.

The NDRC report also suggested the industry would see an overall increase in profits of up to ten per cent by the year's end.

 

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